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Sotheby's (NYSE: BID), an auctioneer of authentic fine arts and collectibles, is recently down $14.62 to $35.50. Bank of America says, "reducing to Neutral on possible slowdown, heighten risk. Tepid results for major sale suggests cloudier macro outlook for the art market." BID call option volume of 4,735 contracts compares to put volume of 7,837 contracts. BID November 34 straddle is priced at $5.75. BID December option implied volatility of 84 is above its 26-week average of 49 according to Track Data, suggesting larger risk.
Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
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